Industrial property owner looks to meet challenges with products for tenant services, lease management and reporting
SANTA BARBARA, CALIF., Nov. 04, 2014 – Seeking new tools to meet emerging business challenges—including rapid portfolio growth, a multi-tenant portfolio mix and reporting requirements—Rexford Industrial (NYSE:REXR) turned to new solutions from the Yardi Commercial Suite™. The industrial property owner and operator anticipates efficient online tenant services, improved tracking of leasing activities, and insightful business intelligence.
Rexford’s business model includes owning both multi-tenant and single-tenant industrial properties. “Multi-tenant properties require a more involved level of interaction between the tenant and site managers. We decided to implement a more system-oriented approach which would translate to greater response time and more data consistency. This would also offer scalability for the growing portfolio without adding human capital,” said Adeel Khan, CFO for Rexford. “We achieved that through COMMERCIALCafé™, which gives tenants the ability to view rent statements, submit maintenance requests and access other services online. We’re also very interested in the tenant online payment portion of the solution.”
Khan added, “The multi-tenant portfolio mix and the related lease rollover could benefit greatly from a system that lets us capture and track lease opportunities in our Yardi Voyager® property management and accounting system, without the loss of time or accuracy associated with linking to other software systems or databases. Yardi Commercial LeasingPad™ will provide a single point of reference for tenants and prospects and will offer the capability for complete drilldown on lease opportunities, which is also very useful for forecasting purposes. The mobile capability of Commercial LeasingPad will help our agents work closely with tenants and prospects in the field.”
After becoming a publicly traded company in 2013, Rexford sought ways to improve its reporting. “We wanted the ability to prepare customized reports, drill down to the underlying property and lease information, and provide customized dashboards for executive reporting. We will use Yardi Orion™ Business Intelligence to quickly pull together meaningful executive reports and select dashboards that make key performance indicators, submarket information and other data readily available,” Khan said.
“We anticipate rapid growth in our portfolio. We are seeking ways to integrate system-oriented solutions that help us with scalability and improve customer service and reporting. Voyager and the Commercial Suite products offer us an integrated and automated platform solution to achieve these goals,” Khan said.
About Rexford Industrial
Los Angeles-based Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The company owns interests in 89 properties with approximately 9.8 million rentable square feet and manages an additional 20 properties with approximately 1.2 million rentable square feet. For more information, visit www.rexfordindustrial.com.
About Yardi
Now in its fourth decade, Yardi® is committed to the design, development and support of software for real estate investment management and property management. With the Yardi Commercial Suite™, the Yardi Multifamily Suite™, Yardi Investment Suite™ and Yardi Orion™ Business Intelligence, the Yardi Voyager® platform is a complete real estate management solution. It includes operations, accounting and ancillary processes and services with portfolio-wide business intelligence and platform-wide mobility. Yardi is based in Santa Barbara, Calif., and serves clients worldwide from offices in North America, Asia, Australia, Europe and the Middle East. For more information, visit www.yardi.com.